Seoul City Quickly Prepares Additional Budget for COVID-19 Following Council Request

Passage of the 'Supplementary Budget Proposal for Early Overcoming of COVID-19' Proposed by the City Council Planning and Economic Committee (Chairman Yoo Yong) at the Plenary Session

[Asia Economy Reporter Park Jong-il] Amid the worsening difficulties faced by small business owners and the lower-income economy due to the contraction of consumer sentiment and domestic economic downturn caused by the spread of COVID-19, an additional supplementary budget for Seoul City is expected to be prepared in March following a proposal from the Seoul Metropolitan Council.

The Planning and Economy Committee of the Seoul Metropolitan Council (Chairman Yoo Yong, Dongjak 4) passed a resolution urging the preparation of an additional supplementary budget on the 6th at the Seoul Metropolitan Council plenary session to swiftly recover from the damages caused by the COVID-19 crisis.

The “Resolution Urging the Preparation of an Additional Supplementary Budget and Local Tax Reduction to Strengthen the COVID-19 Quarantine System and Overcome the Regional Economic Crisis” includes provisions for the rapid preparation of an additional supplementary budget to expand quarantine infrastructure and personnel, support small business owners affected, and revitalize the local economy.

In response, Seoul City expressed its intention to prepare the additional supplementary budget promptly, considering the strong urging from the council and the seriousness of the COVID-19 situation.

This additional supplementary budget for Seoul City is expected to be prepared by combining Seoul’s share of the 11.7 trillion KRW COVID-19 supplementary budget announced by the government with the city’s own available resources.

Chairman Yoo Yong stated, “This supplementary budget for Seoul City to block COVID-19 and overcome the crisis early should mobilize all available resources to focus on strengthening the quarantine system, stabilizing people’s livelihoods, and boosting economic vitality, and it must be a proactive response that citizens can feel.”

He also added, “We will work closely with Seoul City to ensure thorough preparation and review of the supplementary budget so that it can serve as a catalyst to thaw the frozen local economy.”